MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	GENUINE MEDICA PRIVATE LIMITED
Registered Office :	D-10/3, First Floor, Okhla Industrial Area, Phase-II, New Delhi 110020, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.03.1998
Com. Reg. No.:	55-092849
Capital Investment / Paid-up Capital :	Rs. 0.900 Million
CIN No.: [Company Identification No.]	U74899DL1998PTC092849
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electronic Video Endoscope, Gastroscopy Set etc.
No. of Employees :	50 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 27000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. External borrowing of the company appears to be increased However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and condition. Note:- Mr. P K Jain, Senior Manager (Punjab National Bank) has reported that the company maintains proper and good relations with the bank..

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. G D Punba
Designation :	Accounts Department
Contact No.:	91-11-40513401
Date :	02.08.2013

LOCATIONS

Registered Office /Factory :	D-10/3, First Floor, Okhla Industrial Area, Phase-II, New Delhi 110020, India
Tel. No.:	91-11-40513401 / 40522521
Mobile No.:	91-9811875298 (Mr. Manish)
Fax No.:	91-11-40513400
E-Mail :	info@kkaushal.in
Website :	www.genuinemedica.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Manish Kumar Shrivastav
Designation :	Director
Address :	H No-294, Sector 15-A, Faridabad-121007, Haryana, India
Date of Birth/Age :	04.08.1971
Date of Appointment :	20.03.1998
DIN No.:	00472142
Name :	Mrs. Ashwani Kumar Arora
Designation :	Director
Address :	H No.360, Sector-46, Faridabad Colony, New Delhi-110065, India
Date of Birth/Age :	16.05.1969
Date of Appointment :	20.03.1998
DIN No.:	00647897

KEY EXECUTIVES

Name :	Mr. G D Punba
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Manish Kumar Shrivastav	45100
Ashwani Kumar Arora	44900
TOTAL	90000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electronic Video Endoscope, Gastroscopy Set etc.
Products :	· Electronic Video Endoscope · Gastroscopy Set · Colonoscope · Bronchoscope · Cystoscope and Resectoscope · Laparoscope · Camera's · Arthroscope Set · Xenon Light Source · Sinoscope set · Ultrasound Scanner · Beim Scalpel · Refurbished Goods · Ozone Treatment Device · Anorectal Treating Device · Ventilators Siemens 300/ 300A/ 900C
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 (Approximately)

Bankers :

· Punjab National Bank, Maharani Bagh, New Delhi 110014, India

· HDFC Bank

· Barclays Bank

· ICIC Bank

· ABN Amro Bank

· Kotak Mahindra Bank

· Standard Chartered Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long-term Borrowings
From ABN Amro Bank-I	0.000	0.050
From ABN Amro Bank-II	0.291	0.482
From ICICI Bank- Car Loan	0.000	0.689
From Barclays bank	0.000	0.127
From Cholamandalm	0.000	0.167
From HDFC Bank	0.000	0.096
From India Bulls	0.000	0.141
From Kotak Mahindra Bank	0.000	0.054
From Standard Chartered Bank	0.000	5.050
From Standard Chartered Bank- Home Loan	18.317	14.058
Car Loan EECO From PNB	0.169	0.247
From BMW Financial Services	1.865	0.000
Less : Shown in current maturities of Long-term debt	(1.144)	(1.594)
Short-Term Borrowings	19.498	19.567
Overdraft with Punjab National Bank	0.000	0.418
TOTAL	19.498	19.985

Banking Relations :	--
Auditors :
Name :	K Kaushal and Associates Chartered Accountant
Address :	40 LGF, National Park, Lajpat Nagar, Part IV, New Delhi 110024, India
Tel. No.:	91-11-40522521 / 26468219
E-Mail :	info@kkaushal.in
PAN No.:	AAGPK1823M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs. 0.900 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.900	0.900
(b) Reserves & Surplus	5.956	4.501
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6.856	5.401
(3) Non-Current Liabilities
(a) long-term borrowings	19.510	19.943
(b) Deferred tax liabilities (Net)	0.349	0.289
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	19.859	20.232
(4) Current Liabilities
(a) Short term borrowings	0.000	0.418
(b) Trade payables	6.173	5.553
(c) Other current liabilities	7.632	8.225
(d) Short-term provisions	0.625	0.534
Total Current Liabilities (4)	14.430	14.730
TOTAL	41.145	40.363
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.705	4.426
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.705	4.426
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.960	2.435
(c) Trade receivables	10.141	15.120
(d) Cash and cash equivalents	10.893	6.992
(e) Short-term loans and advances	12.446	11.390
(f) Other current assets	0.000	0.000
Total Current Assets	34.440	35.937
TOTAL	41.145	40.363

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.900
2] Share Application Money		0.000
3] Reserves & Surplus		3.234
4] (Accumulated Losses)		0.000
NETWORTH		4.134
LOAN FUNDS
1] Secured Loans		13.638
2] Unsecured Loans		0.100
TOTAL BORROWING		13.738
DEFERRED TAX LIABILITIES		0.242
TOTAL		18.114
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.380
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.352
	Sundry Debtors	8.187
	Cash & Bank Balances	2.204
	Other Current Assets	0.000
	Loans & Advances	8.116
Total Current Assets		18.859
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.590
	Other Current Liabilities	3.026
	Provisions	0.509
Total Current Liabilities		5.125
Net Current Assets		13.734
MISCELLANEOUS EXPENSES		0.000
TOTAL		18.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	92.620	89.854	59.677
		Other Income	NA	2.981	1.731
		TOTAL	NA	92.835	61.408
Less	EXPENSES
		Cost of Goods Sold	NA	90.989	41.421
		Clearing and Forwarding Charges			5.270
		Commission on Sales			2.041
		Directors Remuneration			1.200
		Administrative Expenses			9.471
		TOTAL	NA	90.989	59.403
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	[Including Depreciation	2.005
				Expenses]
Less/ Add	DEPRECIATION/ AMORTISATION		NA		0.481
	PROFIT / (LOSS) BEFORE TAX		2.177	1.846	1.524
Less	TAX		NA	0.581	0.507
	PROFIT / (LOSS) AFTER TAX		NA	1.265	1.017
	IMPORTS VALUE		NA	52.220	36.045
	Earnings / (Loss) Per Share (Rs.)		--	1.40	11.30

Particulars	31.03.2013
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. G D Punba.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.36	1.65
Net Profit Margin (PBT/Sales)	(%)	2.35	2.05	2.55
Return on Total Assets (PBT/Total Assets}	(%)	5.29	4.57	6.55
Return on Investment (ROI) (PBT/Networth)		0.32	0.34	0.36
Debt Equity Ratio (Total Debt /Networth)		2.85	3.77	3.32
Current Ratio (Current Asset/Current Liability)		2.39	2.44	3.67

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long-term Borrowings
- From Directors & Relatives	0.012	0.376
TOTAL	0.012	0.376

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10339865	11/02/2012	10,000,000.00	PUNJAB NATIONAL BANK	MAHARANI BAGH, NEW DELHI, DELHI - 110014, INDIA	B33992322
2	10269918	22/01/2011	250,000.00	PUNJAB NATIONAL BANK	MAHARANI BAGH, NEW DELHI, DELHI - 110014, INDIA	B06726830
3	90037702	10/12/2002	575,000.00	PUNJAB NATIONAL BANK	MAHARANI BAGH, NEW DELHI, DELHI, INDIA	-

NOTE

Registered office has been shifted from B-46, 1^st Floor, Okhla Industrial Area, Phase-II, New Delhi-110020, India to the present address

FINANCIAL RESULTS AND OPERATIONS

This year the company has achieved a turnover of Rs. 92.620 Millions, against turnover of Rs.89.854 Millions in immediately previous year. The Company has added new customers during the current year. Further, the company has added new products, which is giving boost in sales. Profit before taxation has increased from Rs.1.845 Millions to Rs.2.177 Millions during 2011-12.

FIXED ASSETS

· Commercial Flats

· Furniture and Fittings

· Machinery Tools

· Office and Electric Equipment

· Car

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.36

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.